One thing that you should avoid doing is getting tricked by myths about estate planning. Myths make it hard to know what's true or false, and you may miss doing something that is legally important to protecting your estate.
There are dozens of myths about estate planning that you could fall for, but these three are among the most common. Here's some information that clears up these myths.
1. Wills and living wills are the same
This is not true. A living will is also known as an advance directive. It's a legal document that is made to protect you if you lose the ability to communicate or can't care for yourself any longer. The directive helps you explain what your health care choices would be and tells your loved ones your final wishes.
A last will and testament doesn't have anything to do with your health care and instead takes effect after your death. It explains how you'd like to distribute your estate and may have information on how you want to be buried or the manner in which you'd like a funeral to be held.
2. Young people don't need wills
This is also false. You never know when you'll die; An accident could take your life very suddenly. Having a will in place at a young age is a good idea.
3. I made a will, so I don't need to revise it
While you can make a will once and ignore it, it's a good idea to review it with your attorney on a set schedule. That way, if any laws change or you change your mind about any aspects of the will, you'll have time to change it.
These are three myths and the truth behind them. If you're planning your estate, make sure you get the truth from your attorney.